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Joanne was diagnosed with as terminally ill (with less than one year to live). She is covered by an insurance policy that will pay her
Joanne was diagnosed with as terminally ill (with less than one year to live). She is covered by an insurance policy that will pay her $90,000 of face amount of a $200,000 insurance policy. Joanne contributed $20,000 to the policy. What is the amount of income she must report if she accepts the $90,000?
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